RUSSIA: X5 Retail Reports Strong Q3 Growth

The X5 Retail Group has reported strong sales growth for its fiscal third quarter, helped by a particularly strong performance at its Pyaterochka banner.

For the three months to end-September, overall sales rose by 30.2% to 254bn roubles, on like-for-like growth of 9.1%. The group said it was helped by a 3.2% rise in customer traffic.

Pyaterochka saw its sales jump up 36.1% to 195.4bn roubles, the Perekrestok banner reported a 19.5% increase to 35.9bn roubles, Karusel saw sales rise by 6.4% to 19.9bn roubles, and the Express format saw a 4.2% increase to 2.7bn roubles.

The group said results were pushed up by the addition of new outlets, as well as revamps to existing stores. It also shut down 27 stores during the quarter, as part of its ongoing rationalisation programme, leaving it with 8,574 company-operated stores at the end of the period.